Banking Lobby Seeking ?More Firepower? in Washington

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter and Bank Digest.

The American Bankers Association said it has approved the establishment of a new nonprofit 501(c)(4) organization, the Financial Education and Advocacy Initiative, aimed at boosting the banking industry?s lobbying power in Washington D.C.

?This new organization will give us more firepower in our battle to protect the banking franchise,? said ABA President and CEO Frank Keating. Establishing a 501(c)(4) is ?a capability that most large trade associations have, and the board approved the proposal so that ABA can more effectively serve its members in today?s environment,? said ABA spokesman Jeff Sigmund.

However, according to watchdog group Public Citizen, the creation of the 501(c)(4) signals a new approach by the ABA to repeal or weaken the Dodd-Frank Act, by ?secretly pouring millions of dollars into the 2012 elections ? to defeat Wall Street reform supporters in the Senate.? Public Citizen is urging the Internal Revenue Service to examine the purpose and anticipated activity of the new organization, before deciding whether it qualifies for 501(c)(4) tax status.

Source: http://feedproxy.google.com/~r/typepad/financialcrisis/~3/tUxLsZYk6bw/banking-lobby-seeking-more-firepower-in-washington.html

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